US-based industrial conglomerate Dover has signed an agreement with Tokheim Group to buy Tokheim’s dispenser and system businesses for ‎€425m (£310m).

The Tokheim Businesses will become part of OPW, a business unit within Dover’s Fluids segment. Tokheim’s sales and service divisions are not a part of the transaction and will become a stand-alone company remaining with the current owners of Tokheim.

The transaction is subject to completion of discussions with certain of Tokheim’s works councils, certain customary regulatory filings and other customary conditions, and is expected to close early in 2016.

Tokheim manufactures fuel dispensers, retail automation systems, and payment systems.

“We are excited about the acquisition of Tokheim’s dispenser and systems businesses,” said Robert Livingston, president and chief executive officer of Dover. “The acquired technology fits perfectly with OPW’s strong suite of products and systems, and Tokheim’s strong presence in Europe, Africa and Asia complements OPW’s global presence.

“Together, the combined business will offer unparalleled solutions for the growing retail fuelling market.”

Baudouin de la Tour, CEO of Tokheim, said: “We are excited about the strategic fit of Tokheim’s Dispenser and System businesses within Dover’s OPW business, as well as how a strong partnership with the merged entity will enhance the growth of our remaining sales and service businesses. We strongly believe both our customers and employees will greatly benefit from this unique ability to provide full solutions on a global scale.”

“After years of sustained organic growth and geographical expansion, we found in Dover a great company to successfully pursue the global strategy of the Dispenser and System businesses,” added Patrick Eisenchteter, managing partner of private equity firm Motion Equity Partner, Tokheim’s majority shareholder.